logo di stampa inglese
 
You are in: Balance sheets » Cash Flow Statement

Cash Flow Statement

thousands of euro31-Dec-2011 31-Dec-2010
Pre-tax profit221,226 205,630
Adjustments to reconcile net profit to the cash flow from operating activities:   
Amortisation and impairment of tangible assets126,914 121,138
Amortisation and impairment of intangible assets106,852 103,088
Effect of valuation using the equity method(6,260) (5,868)
Allocations to provisions77,539 68,578
Financial charges/(income)119,312 115,782
(Capital gains)/losses and other non-monetary elements (including valuation of commodity derivatives)(6,751) (31,532)
Change in provisions for risks and charges(25,008) (25,074)
Change in provisions for employee benefits(6,857) (8,038)
Total cash flow before changes in net working capital606,967 543,704
(Increase)/decrease in inventories(24,043) (4,467)
(Increase)/decrease in trade receivables(151,803) (23,956)
(Increase)/decrease in trade payables161,691 10,942
(Increase)/decrease in other current assets/liabilities(14,069) 39,841
Change in working capital(28,224) 22,360
Dividends collected2,418 1,527
Interest income and other financial income collected30,815 20,539
Interest expense and other financial charges paid(121,246) (108,768)
Taxes paid(125,596) (108,600)
Liquidity generated by operations (a)365,134 370,762
Investments in tangible fixed assets(155,400) (193,085)
Investments in intangible fixed assets(174,041) (154,473)
Investments in companies and business units net of cash and cash equivalents(6,604) (6,086)
Sale price of tangible and intangible fixed assets5,987 25,162
Disinvestments in non-consolidated equity investments5 234
(Increase)/decrease in other investment activities2,848 (25,877)
Liquidity generated/(absorbed) by investment activities (b)(327,205) (354,125)
New issues of long-term loans50,000 140,000
Repayments of non-current loans0 0
Repayments and other net changes in loans(82,229) 18,703
Financial lease fees paid(5,674) (5,965)
Collection from sale of shareholdings without loss of control0 125,532
Purchase of equity investments in consolidated companies0 (4,125)
Dividends paid out to Hera shareholders and minority interests(117,242) (98,284)
Change in treasury shares in portfolio(5,253) (4,413)
Other minor changes(568) (191)
Liquidity generated/(absorbed) by financing activities (c)(160,966) 171,257
Effect of change in exchange rates on liquidity (d)0 0
Increase/(decrease) in liquidity (a+b+c+d) (123,037)  187,894
    
Cash and cash equivalents at the beginning of the year538,226 350,332
Cash and cash equivalents at the end of the year415,189 538,226

(*) Pursuant to Consob resolution no. 15519 of 27 July 2006, the effects of transactions with related parties on the Cash Flow Statement are disclosed in the special cash flow statement format shown in the following pages and are further described in paragraph 3.05 of these financial statements.